Iran Sells Oil in Asian Money TOP STORIES National Iranian Oil Company official says Iran is A selling some of its oil exports to South East in Asian Currency Units (ACU). “Currently, most of the country’s Iran Ready for Energy oil is being sold in euros and yens; 65 percent is sold in euros Cooperation with EU and 15 percent in yens,” said NIOC Marketing Director ran’s top nuclear negotia- Mohammad-Ali Khatibi.“Some of our oil to South East Asia Itor, Saeed Jalili, has called is being sold in Asian money called ACU,” he added. for energy cooperation between Following the depreciation of the dollar, Iran decided Iran and the European Union, to diversify the currencies it receives in exchange for the saying, “Iran’s great potential for oil it sells. supplying energy has remained unexploited.” The Weekly Publication of the Iranian Petroleum Industry No. 381, New Edition Ja n 27 , 20 0 8 Addressing a session of the European Parliament in Brussels, Assalouyeh Petrochemical Projects Progress Jalili, who is also the Supreme Count Down National Security Council sec- near 80% on Average retary, said, “Iran’s large energy Azadegan Oilfield ASAP reserves and the world’s huge demands for energy make coop- ountdown to Azade- he average progress of would be invested in the second be expected to come on stream plants in PSEEZ had an advan- eration between Iran and the EU Cgan oilfield, one of the executive operations of 10 phase of petrochemical sector in mid-2008.” tage over others in different parts world’s largest reserves, has T essential.Today Iran can play petrochemical projects in Pars of Assalouyeh. Jalil Ebrahim- Shifting to the participation of of the country as they were well an important role in supplying started as its executive opera- Special Economic Energy Zone pour added the fund would be the private sector in the projects fed by the refining phases of tions for early production are energy and maintaining energy (PSEEZ), known as Assalouyeh, used to set up 22 petrochemical of the second phase, the official South Pars field. near completion. National security.” Iranian South Oil Company southern Iran, reached 78.62 plants. said a contract on the construction The managing director added Jalili noted that Iran and the Managing Director Seifollah Jashnsaz said the early percent on Dec. 21. According to the NPC official, of water, electricity, and steam 8.3 billion dollars had been EU can cooperate in efforts to production of huge Azadegan oilfield would kick According to the National Pet- the budget is two times more power plants had been also inked, invested in the first phase of overcome global security threats off this month. rochemical Company (NPC), six than the amount invested in adding Iran Power Plant Projects Assalouyeh. such as terrorism and the pro- “According to the prediction, the seven wells of the under construction projects have the first phase of Assalouyeh Management (MAPNA) would “Most of petrochemical com- (Azadegan) field are expected to produce 25 thousand liferation of weapons of mass made above 90 percent progress. petrochemical sector. The plans implement 80 percent of related plexes of the first phase have destruction. barrels per day (bpd), said Jashnsaz. For Examplae, Arya Sasol Petro- manager said the second phase operations and the NPC would come on stream and Arya Sasol The official added the experts of NISOC and Petroiran chemical Complex’s Olefin 9 and of Assalouyeh would help the be in charge of the remaining and Jam complexes are the last Co. were outlining a plan on the second stage of Jam Petrochemical Complex’s country take the second step 20 percent. plants that will be put into opera- Committed production in an attempt to lift Azadegan’s output to IPI Pipeline to 50 thousand barrels a day. Olefin 10 projects have made toward the development of The NPC Managing Director tion by next March,” he said. 99.15 and 99.4 percent physical petrochemical industry. Ebra- Gholam-Hossein Nejabat said, Assalouyeh exported 3.058 he Indian minister of “To this end, the setting up of an independent exploi- petroleum and natural gas tation plant and a desalination unit, drilling of 12 wells progress respectively, undergo- himpour added, “Out of 22 pet- “At present, PSEEZ accounts million tons of petrochemical T in Azadegan field, and the laying of 130 kilometers of ing exploitation tests. rochemical units, the three plants for 50 percent of the country’s products to the world markets has asserted New Delhi’s deep 24 inch pipeline extending from the region to Ahvaz The NPC plans manager of Kavian, Morvarid, and Mehr petrochemical production.” in a nine month period starting commitment to the Iran-- have been planned,” said the NISOC head. announced that 16 billion dollars are under construction and will Nejabat said petrochemical March 21. India gas pipeline project. In an interview with PTI, Murli Deora said he has recently dis- It is possible cussed the 2,775 km pipeline, also The idea which first put forward by Iran, has alarmed Western countries dubbed the “peace pipeline”, with Iran Oil Trade Booming the Iranian ambassador to India and both expressed a great deal Despite Sanctions of interest in the project. ran’s oil trade is unaffected Deora added that although Iby West’s banking pressure New Delhi has been unable and the country is exporting “Gas OPEC” to participate in the meetings just over 2.4 million barrels per day of crude, a senior Iranian already held between Iran and oil official announced last Pakistan, it is deeply committed week. on the project. Hojjatollah Ghanimifard, international affairs direc- He further stated that India is tor at the National Iranian Oil Company, said, “We to Be Discussed Again hopeful about the implementa- have no problems with transactions for exports of tion of the project. In response to crude or imports of products.” a question about Washington”s Ghanimifard declined to comment on whether pressure on New Delhi to discour- international companies involved in oil trade with age the country to go ahead with Iran had experienced problems obtaining letters of credit from banks for transactions. Any problems the deal, the Indian official stated with letters of credit could be sidestepped with alter- he has not felt any pressure and native arrangements, he said. that India is concerned about its “We could find other means aside from letters of own energy needs. credit, whatever buyers or sellers are happy with,” he added. US and UN sanctions over Tehran’s nuclear Greek Co. Keen to program have targeted Iranian banks, while interna- Import Iran Gas tional banks have come under pressure not to deal he Greek Gas Supply and with the world’s fourth largest oil exporter and have scaled back or halted operations. TTransmission Company (DEPA) has announced its keen interest in expanding ties with Iran Record in energy sector. Importing gas for domestic con- Iran Attracts $11b in Foreign sumption as well as transferring it to European markets is very Investment in 10 Months crucial for , stated a top oreign investment is on the Frise in Iran as a result of DEPA manager in a meeting incentives and new laws for the with Iranian charge de affaires protection of investments, the to Athens, Mahmoud Fazeli, on director of the Foreign Invest- Wednesday. Iran’s possession of ment Department of the Min- huge gas resources has prompted istry of Finance and Financial the company to collaborate with Affairs said. the country, the manager added, Since March 2007, $11 billion has been invested in as-producing countries will Oppositions from had been drawn up by Iran last to fuel their economies and heat according to presstv.com. telecommunications, steel, petrochemicals, agricul- Gdiscuss the idea of forming Western Countries year. homes, reports AFP. The Greek gas market will ture, and small-scale industries by foreign financiers, a “gas OPEC” along the lines of In related news, a Russian Talk of a “gas OPEC” aimed Russian President Vladimir experience a growth and therefore mostly from Turkey, the , India, the existing oil organization in daily said Thursday a group of at coordinating issues such Putin, whose country has the , , , and Italy, Ahmad Jamali DEPA will study the feasibility June in Moscow, Qatar’s energy gas-exporting states led by Iran as pricing has contributed to world’s largest gas reserves of working with all gas exporters told ISNA. minister said Friday. and is moving towards worries among Western coun- said gas OPEC was “an inter- Over the past 10 months, foreign companies have as Greece aims to become a route expressed interest in investing in the construction “I think we will discuss it at creating a formal body similar tries that they are threatened by esting idea.” for transferring gas to European of two refineries and a steel company, the official the next meeting at ministerial to OPEC. over-dependence on gas sup- Founded in 2001, GECF is an markets, the manger noted. said. level of the Gas Forum in June The charter for the proposed plying states.Quoting experts, informal organization grouping The DEPA official also said that The Iranian government liberalized investment this year in Moscow”, Abdullah “gas OPEC” would be presented Kommersant predicted the body 15 countries. It includes Russia, the company will look into the regulations in the early part of the decade, but bin Hamad al-Attiyah said at a for approval at the seventh annual was likely to be created, but that Iran, Qatar, Venezuela and possibility of a four-way meeting since then foreign investors have only focused on news conference at the World meeting of the Gas Exporting strong opposition by the Euro- Algeria, which together control with Italy’s Edison, Turkey’s a few sectors of the economy, namely the oil and Economic Forum in Davos, Countries Forum in Moscow in pean Union and the 72 pct of world gas reserves and Butash and the National Iranian gas sectors, the vehicle manufacturing industry, Switzerland. June, the Kommersant broad- could limit its influence. 42 pct of production. copper mining, petrochemicals, foodstuffs, and Gas Export Company, with a He said members of the existing sheet said, citing unnamed Talk of an organization for gas The 12-member Organization positive outlook. pharmaceuticals. Russian government sources. Iran attracted $24.3 billion of foreign investment Gas Exporting Countries Forum gained momentum in 2006 when of Petroleum Exporting Coun- from March 1993 to March 2007 and foreign trans- (GECF) had appointed a “high “The main issue being dis- ’s two main natural gas tries (OPEC) was formed in 1960 actions with Iran amounted to $150 billion between expert” to look at the idea of a cussed by the Gas Exporting suppliers, Gazprom of Russia and is the supplier of more than a ENERGY AT A GLANCE 2000 and 2007. gas OPEC at a meeting in Doha Countries Forum is the trans- and Algeria’s Sonatrach, signed third of the world’s oil. It controls in 2007. He will report his con- formation of an informal club a partnership accord. oil prices by setting the output of Kazakhstan To Raise Central clusions in Moscow. that has no centralized organiza- its members, using a production Asian Gas Transit Fee Energy Giants Forming such an organization tion... into a serious international Towards a Formal Group quota system. Shell Seeks Gasoline In Sin- would not be a simple matter, organization of gas suppliers,” Talk of an organization to With the exception of Russia, gapore As Sydney Stations Run , from the success to the end however, he cautioned, not least the paper said, AFP reported. control gas prices and output - most of the leading gas producers Short because of the different ways The paper noted that a draft the idea first put forward by Iran- are also OPEC members, such Eni and Gazprom Incorporate exaco is an American oil that gas markets work around charter of the organization, has alarmed Western countries as Algeria, Iran, Qatar and Ven- South Stream AG Tretail brand. Texaco was an independent the world. almost identical to that of OPEC, which rely heavily on gas imports ezuela. Petrobras’ Tupi Field May company until it merged into Lead To Other Discoveries in 2001. Hindustan Construction It began as the Texas Fuel WEEK REVIEW Company to Build India”s Company, founded in 1901 in Strategic Oil Storage Beaumont, Texas by Joseph S. Cullinan, Thomas Oil Prices Rise Above $90 Again CREDO Petroleum Reports Donahue, Walter Benona Sharp and Arnold Schlaet Record Earnings For 2007 upon discovery of oil at Spindletop. il futures extended recent gains Friday, trading by the afternoon in Europe. The with the Federal Reserve”s emergency White Nile Announces Pro- For many years, Texaco was the only company Opushing crude back above $90 a barrel contract gained $2.42 to settle at $89.41 a cut in its key interest rate Tuesday, stock duction Sharing Agreement selling gasoline in all 50 states, but this is no longer after U.S. government leaders agreed barrel on Thursday, the largest rise in over markets worldwide have been rebounding, true. Its logo features a white star in a red circle, Signed With Ethiopia leading to the long-running advertising jingles to a stimulus plan in an effort to avert a three weeks. Prices got a boost Thursday although extreme volatility continues to Ukraine President Against “You can trust your car to the man who wears the major slowdown in the world”s largest as the U.S. government reported a drop in mark trade. Raising Gas Transit Fees star” and “Star of the American Road.” economy. heating oil supplies. Energy investors often view stocks as a PTTEP Group Makes Oil, In , Texaco sponsors Brazilian soccer Light, sweet crude for March delivery Oil prices fell in recent days, follow- proxy for economic growth, fearing that a Gas Find in Algeria superstar Ronaldinho. In West , Texaco spon- on the New York Mercantile Exchange ing stock markets that dropped earlier slowdown would curtail demand for oil and Gazprom to Acquire Serbian sors the soccer-based comic Supa Strikas. rose $1.29 to $90.70 a barrel in electronic this week on U.S. recession worries. But petroleum products such as gasoline. NIS